NECO Syllabus For Economics 2024

If you’ve been looking for the NECO syllabus for Economics to use while preparing for the National Examination Council (NECO), then you are unquestionably on the right page. The syllabus you need to ace your NECO exam is presented in this article.

It is advised to start reading now in order to get ready for the Senior Secondary School Examination, which is approaching quickly as we are all aware. The NECO and WAEC exams, as well as the SSCE and GCE exams, are identical, despite the fact that NECO doesn’t publish its syllabus online.

The NECO Syllabus is a book that lists every subject that will be studied in the class or for the exam. The upcoming Senior Secondary School Examination in 2024 will be directly based on the information in this NECO Syllabus. Before the exam, it enables you to better prepare and assess your preparation.

Aims And Objectives

Candidates will be put through a test using the syllabus.

  1. understanding of fundamental economic theories, concepts, and analysis tools
  2. knowledge of the composition and operation of commercial, agricultural, industrial, and financial institutions
  3. knowledge of the principles underlying logical economic decisions
  4. being able to explain the foundations and structure of the West African economy, as well as the roles played by agriculture, industry, and mining and how these sectors contribute to the continent’s overall income
  5. the capacity to follow the position and standing of West African nations in global economic relations
  6. understanding of the challenges to economic development that West African nations face.

Examination Scheme

There will be two exams: Papers 1 and 2, which will both be composite exams that must be taken in one sitting.

Paper 1: will have fifty multiple-choice questions that must be answered in one hour for 50 total points.

Paper 2: will have eight essay-style questions divided into two sections: Sections A and B.

Two data response questions will make up Section A. Candidates will have to choose one question from Section A and any three questions from Section B to answer a total of four questions. The 80-point exam will take two hours to complete.

1. DEFINITION AND SCOPE OF ECONOMICS

Scarcity and Choice, Scale of Preference, Opportunity Cost, and Production Possibility Curve. Economic activities –  Production, Distribution and Consumption. Classification of economic activities – Primary, Secondary and Tertiary and their relative contributions in terms of output/income, employment, savings, investment and foreign exchange.

2. FACTORS OF PRODUCTION :

 Land, labour, capital and entrepreneurship- meaning, characteristics and importance.

3. TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS

  • Types – capitalism, socialism and mixed economy.
  • Basic features of each
  • Advantages and disadvantages of each
  • Economic problems of society and the approaches for solving them under each of the systems.

4. BASIC TOOLS OF ECONOMIC ANALYSIS

Tables, graphs and charts.  Some basic statistical measures and representations –  arithmetic mean, median, mode and their simple applications.

5. DEMAND:

Concept of demand and law of demand, the demand schedules and curve, reasons for exceptional demand curves,  types of demand (derived, composite, joint and competitive); factors determining a demand for goods and services – the price of the commodity, prices of other commodities, income, tastes, price expectation, etc. The distinction between a shift of and movement along a demand curve; the concept of elasticity of demand.  Types of elasticity of demand and their measurement – price, income and cross elasticities of demand: the importance of the concept of elasticity of demand to consumers, producers and government.

6. SUPPLY

Concept of supply and law of supply, supply schedules and curve, types of Supply – composite, complementary and competitive. Factors determining supply – input prices, technology, prices of other commodities, climatic factors, etc.  The distinction between the shift of and movement along the supply curve. Concept and measurement of elasticity of supply and its importance to producers and government

7. THEORY OF CONSUMER BEHAVIOUR

The utility concepts- total utility, average utility, marginal utility and the calculation of utility schedules. The law of diminishing marginal utility, the relationship between total utility, average utility and marginal utility. The concept of equilibrium of a consumer. Determination of consumer equilibrium. The effects of changes in price on consumer equilibrium. The relationship between marginal utility and the demand curve.

8. THEORY OF PRICE DETERMINATION

The Concept of the market; interaction between demand and supply. Price determination under free and regulated markets. Equilibrium price and quantity in product and factor markets. The effects of changes in supply and demand on equilibrium prices and quantities. Introduction to the algebraic determination of equilibrium price and quantity. Price controls: maximum and minimum price regulations- meaning and their effects; rationing, black market (parallel market)

9. THEORY OF PRODUCTION

Production: division of labour and specialization: Scale of production (Internal and External economies), the concept of total, average and marginal productivity and the law of variable proportions.

10. THEORY OF COST AND REVENUE

(i)   Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short-run and long-run costs.

(ii)  Distinction between economist’s and accountant’s view of cost (opportunity cost and money cost).

(iii)  Revenue concepts: total, average and marginal revenue; Marginal revenue Product

11. MARKET STRUCTURE:

Concept of a market, characteristics of various market structures, determination o price and output under different structures – perfect competition and imperfect competition (monopoly and monopolistic competition). Review of cost and revenue concepts.  Price discrimination.

12. BUSINESS ORGANIZATIONS

Types and basic features of business enterprises – Sole Proprietorship; Partnership, Joint- Stock companies (Private and Public), Co-operatives; Statutory Corporations, Joint ventures. Sources of funds.  General and basic problems of business enterprises.  Privatization and Commercialization as solutions to problems of public enterprises. Indigenization and nationalization policies.

13. DISTRIBUTIVE TRADE

Process of distribution, the role of producers, the role of wholesalers, retailers and co-operatives: the role of government agencies in product distribution and the problems of distribution and their solutions.

14. POPULATION AND LABOUR MARKET

(a)   Population – determination and implication of size and growth of population, Rural–urban migration, Malthusian theory of population  Geographical, age, sex and occupational distribution.  Importance and problems of the census.  Population and economic development (under–population, optimum population and over-population).

(b)  Labour Market

  • Concept of the labour force and human capital, efficiency and mobility of labour, factors affecting the size of the labour force, particularly the population characteristics (age, sex, occupation, education, etc.)

(c) Supply of and demand for labour: wage determination. Concept of unemployment and underemployment, Trade Unions, Employers’ associations and Government policies on labour and wages.

15. AGRICULTURE

  Structure (e.g. food crops, export crops, livestock, fisheries): systems of agriculture peasant, commercial, co-operative and state farming); the importance of agriculture to the national economy: marketing of agricultural products (commodity boards).

Agricultural policies (minimum agricultural prices) problems of agriculture and remedies.

 16. INDUSTRIALIZATION

Meaning and types of industry. Definition of industrial concepts: plant, firm, industry and industrial estates. Location of industry, localization, and role of industrialization in economic development.  Strategies of industrialization.

Problems of industrialization.The link between agricultural and industrial development.

17. NATIONAL INCOME

Meaning of major national income concepts e.g. Gross Domestic Product, Gross National Product.  Net National Product, etc.  Different ways of measuring national income and their problems.  Uses and limitations of national income

data; trends and structure of national income.

18. MONEY AND INFLATION

(a) Money – definition and historical development-barter and its problems, types, characteristics functions.  Supply of and demand for money, the value of money and the price level.

(b)  Inflation: meaning types, causes, effects and control.

19 FINANCIAL INSTITUTIONS   

Types (traditional, Central Bank, Commercial Bank, Development Bank, Merchant Bank, and Insurance Companies, Building Societies): development and functions of financial institutions.  Money and capital markets; meaning, types and functions

20. PUBLIC FINANCE

Fiscal policy and objectives of public finance:  Sources of government revenue. Taxation -types(direct and indirect), objectives, merits, demerits and incidence; Principles/canons of taxation; Rates of taxation(proportional, progressive and regressive) direct and indirect taxation:  incidence and effects of taxes, composition/ structure of public expenditure (recurrent and capital expenditure): effects of public expenditure. Government budget and the national debt.

21.  ECONOMIC DEVELOPMENT AND PLANNING

Meaning of economic development, the distinction between economic growth and development, characteristics and problems of developing countries, and elements of development planning (objectives of planning, and problems of planning). Types of plans (short-term, medium-term, prospective or long-term, rolling plan etc.).

22. INTERNATIONAL TRADE AND BALANCE OF PAYMENTS

    (a)     International Trade: differences between domestic and international trade, the basis of international trade, absolute and comparative cost advantage,  terms of trade (definition and measurement) commercial policy (objectives) and instruments –  tariffs (types) and direct control. Trend and structure of West African countries’ external trade.

  • Balance of Payments: role of money in international transactions, meaning and components of the balance of payments, the balance of payments disequilibrium, the balance of payments adjustments (exchange rate policy exchange control, monetary and fiscal policies) and financing (the use of reserves and international borrowing).

23. ECONOMIC INTEGRATION

Economic Integration (objectives, levels of and features). Development and problems of economic integration in West Africa- ECOWAS

24. INTERNATIONAL ECONOMIC ORGANIZATIONS

Development and role of:

–  Organization of Petroleum Exporting Countries (OPEC)

–  Economic Commission for Africa (ECA)

–  International Monetary Fund (IMF)

–  International Bank for Reconstruction and Development (IBRD)

–  African Development Bank (AfDB)

–  United Nations Conference on Trade and Development (UNCTAD)

etc. relevance of such organizations to West African Countries.

25. MAJOR NATURAL RESOURCES

The development of major natural resources (petroleum, gold, diamond,  timber, groundnut etc) affects West African economies (positively and negatively).